“Let’s Change the World”: Lessons from Mission-Driven Banking

By Brenna Atnikov

Before its closure in 2010, ShoreBank Corporation was the United States’ leading social enterprise. A certified Community Development Financial Institution (CDFI), ShoreBank envisioned a different approach to address the twin problems of access to capital and urban decay. The goal was to make money more easily available in marginalized, inner-city neighbourhoods so that folks could buy a home, build a business or develop a community. Investments were thoughtfully considered from a holistic perspective, and guided by an ethos that moderate financial returns should be paired with strong social returns.

So why did the bank succumb to the continued financial crisis in the United States?

More importantly, what can we learn from ShoreBank’s legacy? How can we apply that learning here at home?

Read more from the Stanford Social Innovation Review article: Too Good To Fail

 

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